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20121104
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, given all of this, how do you want to invest in this environment? >> pick carefully. i think you needy verseification in these kind of environment. don't have all of anything. that means don't sell all of your bonds, even though rates are low. be careful of your duration. on the equities side, if you've enjoyed some of the profits so far this year, maybe take a little off the table. if you're still waiting an waiting, dollar cost average in, i think you need to have some exposure in various categories. >> good insight, as always. thanks very much. >> thank you. up next on "the wall street journal" report, the banker whose letter of resignation made the editorial page of t"the new york times." and later, small businesses employ awe half o of all americans. what this year's political climate means for the balance sheets for those businesses. as we take a break, take a look at how the stock market ended the week. in america today we're running to compete on the global stage. what we need are people prepared for the careers of our new economy. by 2025, we could have 20 million jobs without
time, the effectiveness of creating an environment that allow us to reduce operational risk. so just not a cost cutting exercise. of course in our industry which is a high people intensive industry, the majority of the cuts comes on people. >> nthey're cutting around 15% f the total workforce and areas most affected will be fixed income primarily in london an new york. if we look past the restructuring announcement, if we look at the underlying business performance in the third quarter respect that was actually better than many anticipated. investment banking pretax profit beat by the largest margin by 48%. investment revenues did see a strong rise. wealth management franchise which really is what they want to focus on, net new money came in stronger than forecast at 7.7 billion swiss francs. kelly. >> carolyn, thanks very much. >> and what's extraordinary is the ubc has been tweeting this morning this is a extra strategic acceleration from a position of strength. if you're in the fixed income unit, you've been strategically accelerat accelerated -- >> out the door. one way to descri
money in this environment. what do you do? is this a buying opportunity? >> not particularly. you have to look at the technical indicators and see where we're going see a breakdown. i would be putting no money to work right new. because of this election, if we see romney elected, we'll see oil prices drop. you'll see energy prices drop. that might be a buying opportunity at that point. other than that, i really believe we have to just take a look and see attitude right now. >> well, one of our guests, a regular on this program, had a great idea. he said to me, maybe for one month the fed instead of putting that $40 billion of mortgage-backed securities buying, put that on hold and send it to some of the ravaged areas like staten island, like new jersey. >> i love it. i absolutely love that idea. >> i do too. >> then the fed's crossing the line into fiscal policy and out of the realm of monetary policy. >> where are we going to get it? >> fema responds rather adroitly to -- katrina notwithstanding, to these disasters. i suspect they're going to be quite responsive right now for those wh
from financials. how much worse will it get? >> it's also the regulatory environment. the barclays particularly in this country, a whole focus on bank management pay and so on. so clearly they're trying to respond to that regulatory and social push for lower pay to bank management. so with all of this in mind, if they can control costs, they can refocus business on either higher margin business or better quality business, at some point will be profitable. >> it broaden out to the market in general, you point out that, yes, earnings have been relatively in line with the paths. beating estimates like two-third of the time, but falling short on the revenue side. it doesn't necessarily point to a stronger market longer term. >> to me the early season in the u.s. has been poor. share negative for the first time in three years year on year. and revenue growth will be one of the key metrics to look at in the current environment. if nominal terms these countries cannot generate growth, what ask z. it mean for the global economy. >> 63% of cash flow is going to buy backs. what were the sect
this industry is still a terrific fit for the times we're in. it ain't no boom here. an environment of high unemployment, slow wage growth, expensive gas prices, you better believe that consumers are still going to trade down to cheaper merchandise. and the merchandise is about as goo good as it gets. plus, imagine how good dollar general can do if washington pushes the economy back into a recession. not only would this company be immune to the pain, nor and more consumers would be forced to squeeze down even as our nation obviously would be hurt badly bypassing over the fiscal cliff. look, we've had a stagnant economy for ages. how come i'm recommending it now? the easy, it's cheap. it's fallen from its highs and thanks to equity investors have sold some of their shares. but mainly on account of the not so hot numbers we got from dollar tree. see, dollar tree cut its same-store sales guidance in the third quarter recently blaming high gasoline prices and the preholiday calendar shift. the forecast hammered the whole group. but i don't think their alibis add up. let's take them one at a tim
. >> let's talk about how you got to 98.6 in an environment where everyone is still worried about retail. that means you're still signing people up. are these companies that formerly decided they didn't embrace the outlet and now are, or is this just more of the same, more under armor? more of a higher end guidance, more j. crew? >> people love the outlet. people love the bargain. they demand bargains in today's environment. everybody that manufactures almost anything today has an outlet distribution channel as part of their corporate strategy long-term. you mention under armor, they're great partners. but they've only been in business less than ten years. they've been public seven years. part of our skill set is identifying tenants of the future. which we want. we don't want tenants of the past. >> the ones that have been obsoleted by amazon do not have -- they just never went outlet. >> they did not. our products are basically apparel and footwear, sizes, colors. we do not sell computer hardware, books, things that are easily bought on the internet where you can get the best price on a
on that. >> why is that? >> many economists have done research to show that when there's an environment that is actually attractive for businesses and tax rates are lower, when you broaden the base and lower the rate, that you actually make an environment for business that encourages them to actually put heads on the payroll. add jobs. >> i would like to say mitt romney is not broadening the base. he's simply lowering the rate. what it really is giving back to people in hopes it will trickle down. what the congressional research said and what the republicans have pushed back on is it didn't work. the george bush administration is seven years of empirical evidence that that does not work as an economic program. >> do you think, andy, this latest jobs number changes the trajectory of the election on tuesday? >> i think it just firms up people's understanding and the consumer confidence number, i think, is really important as well. things are getting better, slower than we want. we need to do more. i do think it firms up people's belief we can have four more years. >> probably up until hur
licy environment, energy and the like. so the world's a risky place and this is a time of heightened uncertainty. now we talk to clients, we do surveys and our own analysts and they say the material drag on demand looking forward already this year. we think that's why we're a little bit below trend in overall demand growth. and the reality is, any way you slice it there will be some fiscal consolidation in the first half of next year. >> i think it is critical that you get business back on-board. one of the interesting things has been the consumer seems to be holding in there the retail sales numbers have been a lit better, consumer sentiment numbers have been a little better. business equipment and spending numbers haven't. if you can get both those cylinders firing, you could start inching away at the unemployment rate. >> vince, is your baseline hypothesis that something gets done either right before the close of the year or right after the start of the year, no matter who wins, to sort of ameeliorat the situation? >> politicians always do something at the last minute. the problem
, but i'm now of the opinion that really we'll see a very, very quiet environment from now really through the election. not just into the jobs number, but through the election. because i think there's just too much event risk out there for people to take any meaningful positions. >> great point. we'll leave it there. >>> still to come, new york slowly coming back to life after sandy brought most of the state to a standstill. >> scott cohn will have the latest on the ground. >>> apple you can see here during the month of october down nearly 11%. biggest monthly drop since november 2008. also just to remind you earlier we saw sony coming out with it numbers. market cap down to $11 billion. apple's market cap still way up, well over $500 billion. but not the best month for the world's biggest company. >> and a reminder these are your headlines. all three indexes snap a four month winning streak in october. u.s. election cam beening resumes as the northeast assesses the damage from super storm sandy. and shell sees profit drop by 15% on lower crude prices. earnings also expected to drop for e
to understand too with the scope of this storm every location has to deal with the environment in which they are facing. every location is going to be different than every other location. we have to face unique circumstances and manage that process as best we can. i am absolutely confident that the leadership and the folks and boots on the ground at con ed are doing everything they can do to get the power back on as safely and as expeditiously as possible. >> you mentioned unusual nature of these storms. it seems as though we have unusual storms a lot more frequently than we used to. you run one of the largest power companies in the country, is it your thought that talks of climate change will come to the fore and lead to discussions about your business? >> the point is right now we are not dedicated to getting into an argument. we have to get the power back on. that's our business at this point. we're going to get that done as fast and safely as possible. >> tom, thank you so much for coming on. of course on behalf of everybody in the northeast, thanks for the help you're providing tod
metals may do well, but energy makes up in this environment. natural gas, expectations that are expected, looking at the reduced demand from hurricane sandy and they're looking at the cold weather that's upon us. we're going to have a live report with the eia. at 10:30 a.m., a delayed report for oil inventories will be up to date from the energy department at 11:00 a.m. and of course melissa will bring that live to you as well. >> you have heard success news as well. mallalay is staying. how did general motors fare last month in terms of its sales. we'll bring you its numbers, plus a live interview. and the challenges facing lower manhattan as it tries to recover from superstorm sandy. and we take a look at this morning's early movers here on wall street. at optionsxpress we're all about options trading. we create easy-to-use, powerful trading tools for all. look at these streaming charts! they're totally customizable and they let you visualize what might happen next. that's genius! we knew you needed a platform that could really help you elevate your trading. so we built it. chances of
, that was the whole environment at the time. you know, there was a lot of money to be made, and so, that was the pitch. >> you can get in on the ground floor. >> narrator: canfield puts in an initial $10,000. morrione writes a check for $20,000. they're not alone. next on "american greed: the fugitives," the men behind yes entertainment flee, and investors' dreams of internet gold turn to dust. >> i tried to call their offices, and there was no answer. so then, i knew that, "okay, something's going on here." >> narrator: for more about jim eberhart, visit thefugitives.cnbc.com and follow us on twitter @americangreedtv. thefugitives.cnbc.com and follow us on twitter @americangreedtv. we'll be right back. ♪ atmix of energies.ve the world needs a broader that's why we're supplying natural gas to generate cleaner electricity... that has around 50% fewer co2 emissions than coal. and it's also why, with our partner in brazil, shell is producing ethanol - a biofuel made from renewable sugarcane. >>a minute, mom! let's broaden the world's energy mix. let's go. to volunteer to help those in need. when a twin
of replicating the floor environment trying to figure out where to move people to, we opt to do it electronically for a day or two doesn't make a statement or change my view about how we feel about the floor. you know how i feel about it. it's an important point of the model. in an emergency situation, do you what you need to do to keep the markets open. in terms of that, there is no doubt it could handle volume. until you test it in production, you're not going to know. so that was going to be the first production test to see and our guess is it would have gone fine. who knows. you also would not have been likely to see the volume and volatility you would have seen as a lot of people simply weren't going to participate today if we had tried to open as an industry. >> have you started to give thought -- one thing about flooding, you never really know what the extent of the damage is going to be. what if we go into wednesday? what if people start missing out on their last chances to unload options? >> we are thinking that far ahead as an industry and although we can't predict the weather, carl, i
was expecting. >> well, phil, i'd say overall it was a good quarter for us. and a challenging environment. being able to grow revenue, grow profits as you mentioned year-over-year. our margins are up slightly, strong cash flow. got some important launches away this quarter in terms of new vehicles into the market for cadillac and other of our brands. so good quarter overall, and we've made some progress on some of the tough issues in front of us including pensions and we're making reasonable progress in europe. >> and we'll talk about europe in a bit. but i want to ask you about revenue. nearly $2 billion better than expected coming in at $37.6 billion, how much of that was volume? how much of that was pricing? >> it really split between the two. and i'd point out also there's over a billion dollars of negative impact from foreign exchange in there. so backing that out, the revenue growth's even stronger than initially appears. and really, that's about the vehicles we're bringing into the marketplace and how well they're getting received. obviously we need to lead with product, put the right pro
who will want to raise cash and maybe want to sell in this market environment as they try and rebuild? is that going to be a trend for a while, do you think? >> well, certainly the insurance companies are going to have to raise cash because they're going to have to pay out. we'll see all sorts of markets that may have stocks for sale. it is month end as well. i think you have some portfolio rebalancing. some mutual funds have their fiscal year happening. i think the market will certainly get tested to see if they're ready for it because it's month end and the need for people to raise money. if you look at the markets overseas, very strong day. i think there will be some bid underneath the u.s. mark as well. volume will be the real question. i think there will be a lot of pent-up demand to trade. there's a lot of ipos that were delayed. i think there were six that were supposed to come this week. over $3 billion of commercial mortgage-backed securities that were ready to come this week. i think it was a real pent-up amount of supply ready to hit the market. i think the demand will be t
in an economic environment that's grindsi grinding upward. >> kevin, what about you? i know you're growing increasingly pessimistic about the impact of the fiscal cliff. what else is becoming a drag in terms of uncertainty on in economy and the market? >> i think right now markets are too complacent about the fiscal cliff. a lot of people assume things are going to get worked out. once again, the congress will find a way to compromise and move forward on resolving the deficit problem. my feeling now is that it's not likely to be that simple. it's more likely to spill over into january. when that happens, we'll have a greater degree of uncertainty, not less. it may take longer to work this out than many people expect. indeed, president obama in an interview last week, mentioned that he thinks there will be a solution, a grand bargain, sometime in the first six months of 2013. six months. that's a long time to get this it problem straightened out. >> yeah, so, i mean, if we do get an agreement in six months, does that mean that the u.s. doesn't go into a recession? >> well, first i want to s
environment for dollar deposits. >> all right. very distinguished investment guru. as always, jeff, great to see you. >>> all right, folks, we've been telling you about the gas lines stretching for miles in the northeast. well, this just in. the obama administration realizing it will be in political trouble if it is blamed for gas shortages. just before this election. they have just authorized the defense logistics agency. that intended to buy up to 12 million gallons of gas. and 10 million gallons of diesel fuel to distribute in new york, new jersey, other communities. they're going to coordinate it with fema. i said earlier in the show it may not be president obama's fault, but the aftermath of this hurricane story may be blamed on him. obviously he's taking action to try to get out from under that blame. so tonight after the break, we're going to continue on this very story. who should pay for superstorm sandy's mass destruction? states or the federal government? president obama's encouraging fema to pick up the entire tab. what about local officials who really know their areas best? t
that help serve the new york city and its environment when it comes to gathering and storing refined products like gas leoline of coe for our cars and jet fuel that we need for the city and it's environment. we're at newstar and more than a dozen of its siblings has not reopened, they're assessing the damage, getting the water out, getting power. when that happens remains unclear. the idle terminals are creating a choke hold on gas and jet supplies from new york to the new jersey area. we face long fuel lines in the area and often gas stations running out of supplies. prices $4 to $4.50, due in part to the damaged terminals and it's unclear when they'll come back online on an airline industry call yesterday gauging the terminal's health was the top priority given so many flights have been cancels. those are a key piece of the puzzle, at least they're coming online in partial capacity but the issues with the terminals and also restrictions on ship travel up and down the east coast are creating further crimp and it's not clear when it will be resolved. >> kate kelly thank you. do you h
to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint and respecting wildlife. america's natural gas... domestic, abundant, clean energy to power our lives... that's smarter power today. >>> welcome back to "squawk" this monday morning. look at futures ahead of what is going to be a closed market. s&p 500, dow and nasdaq all off. we'll find out of course whether the markets will open tomorrow. the expectation at the moment is they will not. as unleashes her wrath on the northeast today we're turning to home depot. on the "squawk" newsline is the hurricane command center captain. doug, with he appreciate you coming on the line with us this morning. tell us about the weekend going into this in terms of your plans and what your expectation is on the other side of the storm. >> absolutely. we've been in planning mode since early last week. command ce
about 80 homes being lost to fire, describes it as almost a forest fire-like environment given the winds last night. so we'll talk more about that, and if he brings any more headlines we'll get them straight to you. >> you know, one thing, i think 9/11, there's no -- there's no good news about 9/11 obviously when it happened, but it seems to have brought these first responders together in a way, the coordination bond seems amazing to me, amazing. >> some of the early calls, getting the subway trains off the tracks, as the mayor said, in retrospect looks pretty smart. >> what a plan. >> let's get to lower manhattan, experiencing some record flooding yesterday. our scott cohn is live in battery park city. scott, what's the scene this morning? >> reporter: yeah, and i will second that, carl, what jim just said about how this city was prepared for it, and we talked last night how about in a lot of ways the city seemed fragile, but, you know, the evacuation zones that went into place and irene was the first time that they started to use them and then now sandy, and -- and the flooding actuall
environment. the salvation army helping those in need during hurricane sandy and our thanks to them after all the good work to them. >> restoration hardway isn't the only ipo in the test of the markets post-sandy. we have a natural gas partnership and dkl also pricing light restoration hardware at the top end of its range. so it's a big day here overall. restoration hardware, right behind us. a bird's eye view of what's going on with this. priced at $24 which is the top ebbed of the range, $28 to $30 looks like the range right now. we'll see where this goes as we approach it and the range starts to narrow in and we get a better eye tea. >> there's a big difference from the ipos we've seen. it is being sold by sponsors. it would take a number of years ago and so it is leveraging exercise in terms of money that is raised from the ipo. some of it will go to pay down de debt. those have not been as well received in the market as have some of the others that we've seen. >> over the medium to longer term, it's going to -- people are going to want to know their view on housing. it's called restorati
Search Results 0 to 23 of about 24 (some duplicates have been removed)